Michael Hiltzik: Wall Street Journal says the rich are fleeing California, but the flight is a trickle

Solicitous as always of the downtrodden and sensitive to their burdens, the Wall Street Journal's editorial board wrung its hands earlier this week over the impact of California's income tax system on its residents. The Journal's focus, naturally, was on those earning more than $5 million a year.

The point of the editorial, which was headlined "California's Tax-the-Rich Boomerang," was that the state's ability to load ever-higher taxes on its wealthiest residents was coming to an end.

The basis of this argument was a recent paper by Joshua Rauh of Stanford's Hoover Institution and Ryan Shyu finding that emigration of wealthy residents out of the state